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AMD chief steps down

Dirk Meyer resigns as CEO and president of AMD

Meyer had been CEO of AMD since July 2008.
Meyer had been CEO of AMD since July 2008.

AMD has announced the departure of CEO Dirk Meyer.

The company said that Meyer has resigned as president, CEO and board member yesterday, with immediate effect. Senior VP and CFO Thomas Seifert will take on the role of interim CEO.

The reasons behind Meyer's leaving were not disclosed, however, in a statement released by AMD said that the Board believes that a change of leadership would help the company achieve growth, better financial performance and market leadership.

Bruce Claflin, chairman of the AMD Board of Directors said: "Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of GLOBALFOUNDRIES, the successful settlement of our litigation with Intel and delivering Fusion APUs to the market.

"However, the Board believes we have the opportunity to create increased shareholder value over time. This will require the company to have significant growth, establish market leadership and generate superior financial returns. We believe a change in leadership at this time will accelerate the company's ability to accomplish these objectives," he added.

Meyer took on the CEO role from Hector Ruiz in July 2008, and had previously led the team that designed and developed AMD's Athlon processor.

A CEO Search Committee has been formed to begin the search for a new CEO, although Seifert has asked not to be consider for the role.

Seifert commented: "AMD enters 2011 with considerable product and financial momentum. Our roadmap for the year, including our "Llano" APU and 32nm "Bulldozer" based processors remain on track," said Seifert. "I believe we have significant opportunities to cement our leadership positions in several key market segments based on the strength of our upcoming products."